Studying abroad brings a massive advantage to the career of a student from India. Studying in a foreign university opens doors that otherwise would be impossible to think of. The benefits of such an education are drawing more and more students across the borders who can afford the expenses in the assurance of a brighter future. While the students are going abroad to study, their parents are staying in India and are coming face to face a massive challenge – how to send money abroad from India towards education fees.
Sending money abroad from India is not that big of a hassle nowadays. One needs to look out for a few important things that will help to determine the viability of the transaction. Once all the requirements are satisfied, proceeding with the process of sending money is only a matter of a few clicks.
The Right Place To Send From:
When it comes to international fund transfers from India, most people only think of banks as the only option to carry out the transaction. However, there is a far better alternative to banks. Authorized foreign currency exchange companies are the better alternatives to banks for a lot of reasons. Not only do they offer a better return for your money, but they also offer extensive customer support that enhances the experience. Currency exchange companies have been in existence in India for a long time now. Some of the most well-established names in the industry have been operating in this business for more than a hundred years. They offer reliable services and are popular among regular customers.
Proper certification from the right authorities is absolutely essential for trust to be a part of the transaction. Foreign currency exchange companies are authorized by The Reserve Bank of India. The apex bank provides authorization in the form of Category II certificates to these companies. The absence of this certification is an instant deal-breaker and the transaction should not be carried out through such companies. When transacting with a currency exchange company, it is implicit that you check for such certifications. Foreign currency exchange institutions who are certified under this category are termed as Full Fledged Money Changers. Only these companies are legally eligible to deal in foreign currency and its exchange within the borders of India.
The Fastest Transfer Time:
When it comes to sending education fees abroad from India, timing is crucial. Almost all educational institutions in foreign countries have a deadline to pay the fees, either for the month or the semester. Failing to keep up with the deadline can invite heavy fines. Thus, it is necessary to check the transfer speeds with the money remittance company before proceeding. The best money remittance companies have ties with the Society for Worldwide Interbank Financial Telecommunications, also known as SWIFT. The SWIFT transfer gateway provides fast money remittance solutions, which are an absolute necessity in the case of tuition fees. Only the most reputed and established Full Fledged Money Changers in India have associated themselves with the SWIFT network. These institutions offer unmatched transaction speeds, which are hard to find in the industry. Always prefer these money changing companies when it comes to sending educational fees abroad from India.
The Best Currency Exchange Rates:
Currency exchange rates are the primary determining factor for transactions that involve foreign currencies. A better, more competitive forex rate will provide customers with a higher value for their money. There are a few currency exchange companies in India that have a reputation for providing the most profitable exchange rates. Going with these Full Fledged Money Changers not only ensure that you get more out of your money, but it is also highly likely that they will be able to fulfil all the other requirements that are listed here. Banks are known for providing very poor exchange rates, which is why they should be given a lower preference. Money changing companies, on the other hand, offer superior services, which make them the preferred option of the two.
The Most User-Friendly Method:
Sending tuition fees abroad through currency exchange companies requires an intuitive method that does not require a large chunk of time. Online platforms are by far the most user-friendly means as they can accomplish the transaction successfully in just a few clicks. Online platforms bring added advantages that only add to their user-friendliness. Keeping track of all previous transactions, checking currency exchange rates in real-time, getting instant support – all of these features make it just a bit more convenient to use. Look for currency exchange companies that have powerful and versatile online platforms, providing the same level of service as their offline branches.
The Convenience Charges:
Convenience charges are levied by the currency exchange companies in return for their services. Banks charge exorbitant fees, which discourages their customers from using their services to send money abroad from India towards tuition fees through them. On the other hand, currency exchange companies charge lower fees while providing better service quality. The charges can potentially go down even further when using their online services. This has been one of the reasons behind the popularity of currency exchange platforms and their dominance in the market of outward remittance in India.
Companies that satisfy these requirements should be counted among your options. The experience of doing transactions with them is likely to leave a mark and make you keep coming back.
If you are looking for options to send money abroad from India as tuition fees, you should be looking for money remittance companies that satisfy a set of specific criteria. Learn more about these criteria and how you can use them to pick your options.
Neel Sarkar is a financial expert who has been working in the money remittance industry in India for a long time. His writings are aimed at taking complex processes and breaking them down into small pieces that can be comprehended easily by his readers.
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